Religare arm Care Health Insurance receives IRDAI show-cause notice

Diversified financial services group Religare Enterprises Ltd on Monday (December 16) said its material subsidiary, Care Health Insurance Ltd (CHIL), has received a letter of advice and a show-cause notice from the Insurance Regulatory and Development Authority of India (IRDAI). This follows an inspection by IRDAI from August 30, 2021, to September 9, 2021, and CHIL's submissions about the inspection. The notice details non-compliance with several provisions of IRDAI's regulatory framework, including multiple clauses from the master circulars on operations, corporate governance, and protection of policyholders' interests. CHIL is currently working on initiating corrective actions as advised and preparing a response to the show-cause notice. The company has assured that no financial or operational impact is expected at this stage and that compliance with the regulations will be ensured within the stipulated timeframe.​